Workplace Pensions Direct has launched an online auto-enrolment procedure that aims to simplify the process for accountants, financial advisers, payroll specialists and business planners.
According to Steve Conley, former head of investments at HSBC and RBS, who was instrumental in designing the product, the platform will provide a “straightforward, efficient solution for small businesses that need to take action”.
He said: “We estimate that approximately 28,000 businesses are now signed up to auto-enrolment, but there are still around 1.7m businesses that still need to do so before their staging date between now and 2018.
“As deadlines approach, businesses will be looking to their accountants, payroll manager and financial advisers to help them through the complicated process.”
Workplace Pensions Direct has a tiered pricing structure, scaled according to the number of months in advance of staging date, but a small firm employing up to 10 people can expect to pay a £525 set-up fee with a £19 monthly management fee.
Workplace Pensions Direct is offering a 30 per cent fee share incentive to adviser partners signing up to use the scheme for their clients with an additional 10 per cent network referral opportunity.
Adviser View
London-headquartered Helm Godfrey has overhauled its own iChoose technology to make it easier for its corporate clients to auto-enrol their staff.
The iChoose platform now will cost just £1 for each employee a month, while build costs can be waived permanently for new clients who opt for iChoose’s standard portal.
Matt Nelson, head of flex management and development for Helm Godfrey, said: “We are trying to make the platform as flexible as the benefits it supports. Being tied into long contracts can be a turn-off for employers, who want flexibility from their benefits platform.”
